Freehold advice.

Absolutely, i'm pretty sure whoever owns the lease can sell it, and then whoever buys it could charge you double (or more) to buy it.

Ye but the new builds are fucking extortion


Laws changing now forbidding new properties being sold lease hold following Persimmon Homes / Wimpeys scandal where the sold all the leaseholds to a private investment company who then hiked the ground rent prices and charged exorbitant fees for permission to erect a conservatory or extension (£3500 / £5000 was not uncommon)......but bearing mind the head of persimmon homes has just trousered a £112 million bonus it must have been worthwhile for them.
 
Laws changing now forbidding new properties being sold lease hold following Persimmon Homes / Wimpeys scandal where the sold all the leaseholds to a private investment company who then hiked the ground rent prices and charged exorbitant fees for permission to erect a conservatory or extension (£3500 / £5000 was not uncommon)......but bearing mind the head of persimmon homes has just trousered a £112 million bonus it must have been worthwhile for them.
Trouble is all those trapped in the old ones, that’s why I moved out of mine and bought an old house and purchased the freehold at the same time.
 
Its not just hiked or exhorbitant fees for extensions and connies.
Even planting trees bushes or boundry fencing without permission could cause breach of covenant.
With such a short lease remaining it's a no brainer to buy the freehold but try to negotiate the price down from £4,000.
Maybe tell him your in a position to enfranchise in a few years at £4,000 but could do cash now for £2750.Always haggle down or at least try.
 
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It's as well to purchase the lease. Another scenario is when you extend or put a conservatory onto your property, you must ask the lease owner for permission, they charge. If you don't seek there permission and you come to sell the property, the purchasers solicitor will require proof of permission, you can get this after the fact, but leave yourself wide open to being shafted.
 
How are these things still legal in the UK?

Tory government ........... the issue was flagged back in 2012 when companies started selling lease agreements to private investors and people started seeing their ground rents hike.... some where given notice of a doubling of ground rent every 10 years..... despite pressure nothing was done (no change there then )
 
As has been said the biggest issue with the leasehold is the length of time left on it which will cause issues for lenders when looking for a mortgage (whether that's you or a prospective purchaser). I'd make an offer but I'd try and get it cheaper than £4k.
 

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